Bonds in Deerfield Beach, FL
Bonds are often a core element of a business’s risk management and loss control efforts. These financial instruments can be a saving grace for your company’s economic interests and professional reputation in the wake of unfortunate circumstances. However, while often essential, bonds can also be a complicated matter, requiring ample knowledge to ensure appropriate investments. That’s where the team at Advanced Professional Services is ready to step in with comprehensive guidance.
How Do Bonds Work? 
When entering into contractual agreements with other parties, such as clients, customers and other businesses, your company may find bonds to be invaluable investments. That’s because these loss control tools can establish a means of compensating other parties should you be at fault for their financial damages. Having the right bonds can help you avoid costly and potentially lengthy lawsuits, which could drain your coffers and stain your reputation.
What Types Are There?
Bonds may come in many forms, but the two primary classifications include the following:
- Surety bonds—These bonds may come in several subtypes, including commercial bonds and contract bonds. They generally establish a contract between three parties, your business, its client and the insurer. Should you fail to fulfill your duties, the bonds you’ve purchased from your insurance company can be used to help them recoup losses.
- Fidelity bonds—These products can be used to financially protect you and your clients from criminal or fraudulent acts committed by your employees or contract workers. Should one of the aforementioned parties commit theft, forgery, property damage or otherwise inflict losses on your customer, these bonds can be used to provide compensation.
We’re Here to Help
At Advanced Professional Services, we understand the importance of bonds and will work with your company to secure the right products. Contact us today for an instant quote.